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Euro finance ministers on Monday agreed to terms under which they would offer a multi-billion-euro rescue for Greece, whose debt crisis has presented risks for the European single currency.

However, officials were tightlipped on details of the plans, which would only be pressed into action if European Union auditors fear Athens is losing the battle to control badly skewed finances.

"We have clarified the modalities that will allow us to take coordinated action," said Luxembourg Prime Minister Jean-Claude Juncker, the head of the Eurogroup of 16 countries, after five hours of talks.

The plans would involve bilateral aid, not loan guarantees.

They will require EU national leaders to push the button, although work on "technical details" to ensure they fulfill bloc treaty obligations that ban a straight bailout mean next week's Brussels summit may come too soon.

Nonetheless, Juncker insisted that future gaps in Greek public finances could be plugged "rapidly" if deemed necessary.

He underlined that the Greeks "have not asked for aid" and said the ministers "still don't think it will be necessary."

A Eurogroup statement said the "objective would not be to provide financing at average euro area interest rates, but to safeguard financial stability in the euro area as a whole."

It would aim to "provide strong incentives to return to markets as soon as possible," meaning high rates.

Juncker added that the trigger for action would most likely be "the impression, in spite of the Greek government's efforts, that markets do not react in an adequate manner."

Diplomatic sources have spoken of 20-25 billion euros (27.5-34.4 billion dollars) being required.

The Greek economy is groaning under 300 billion euros of debt, and is looking to raise 54 billion euros this year just to finance the debt -- but is struggling to do so without paying premium interest rates.

Economic and Monetary Affairs Commissioner Olli Rehn said the instruments envisaged were "consistent with treaty and national law" but that it was "not the time to refer publicly to the technical terms."

Rehn reiterated the commission's belief, shared by the eurozone ministers, that Greece was on track to cut its annual budget deficit this year by four percentage points, from a huge 12.7 percent of national output.

Greek austerity measures have been met by a series of protests and strikes there in recent weeks.

Prime Minister George Papandreou said last month that his country's borrowing needs were assured only until mid-March.

The German government has been hawkish on the issue, and Finance Minister Wolfgang Schaeuble went as far as to warn that countries could eventually be kicked out of the eurozone if they did not adhere to tighter restrictions in future.

"We need stricter rules -- that means, in an extreme emergency, having the possibility of removing from the euro area a country that does not get its finances in order," he was quoted as saying.

The euro fell on Monday "largely on the back of remarks from German and French finance ministers which suggested that there would be no decision on aid for Greece," said Jane Foley of Forex.com.

The Brussels talks took place against growing tension between Berlin and Paris on economic policy.

Fundamental differences were exposed when French Finance Minister Christine Lagarde accused Germany of trying to boost trade at the expense of eurozone partners by squeezing salaries and pushing exports.

Lagarde said she was "not sure" Germany's strategy was "a sustainable model for the long term and for the whole of the (euro) group."

AFP